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GAO-20-549PR 1 (2020-04-23)

handle is hein.gao/gaobaebav0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States April 23, 2020 The Honorable Steven T. Mnuchin Secretary of the Treasury U.S. Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220 Priority Open Recommendations: Department of the Treasury Dear Mr. Secretary: The purpose of this letter is to provide an update on the overall status of the U.S. Department of the Treasury's (Treasury) implementation of our recommendations and to call your personal attention to areas where open recommendations should be given high priority.1 In November 2019, we reported that on a government-wide basis, 77 percent of our recommendations made 4 years ago were implemented.2 Treasury's implementation rate was 71 percent. As of April 2020, Treasury had 122 open recommendations, not including recommendations to the Internal Revenue Service, which are addressed in a separate letter to the Commissioner. We have sent a copy of that letter to your office. As operations return to normal from the COVID-19 (coronavirus) pandemic, fully implementing all open recommendations could significantly improve Treasury's operations. Since our April 2019 letter, Treasury has implemented four of our 25 open priority recommendations. Three of them are related to improvements made to the processes used to prepare the U.S. government's consolidated financial statements.3 Specifically, Treasury has * designed and implemented an internal control review process for monitoring and assessing the effectiveness of internal controls over the preparation processes; * developed and implemented a process to reduce the need for significant adjustments to federal entity data included in the consolidated financial statements; and 1Priority recommendations are those that we believe warrant priority attention from heads of key departments or agencies. They are highlighted because, upon implementation, they may significantly improve government operation, for example, by realizing large dollar savings; eliminating mismanagement, fraud, and abuse; or making progress toward addressing a high-risk or duplication issue. 2GAO, Performance and Accountability Report: Fiscal Year 2019, GAO-20-1 SP (Washington, D.C.: Nov. 19, 2019). 3For the fourth priority recommendation, Treasury is no longer required to include a note disclosure reporting risk assumed in the U.S. government's consolidated financial statements as a result of changes in federal accounting standards. GAO-20-549PR Treasury Priority Recommendations Page 1

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